Australia’s service sector expanded for the second successive month in June, but at a slower pace than in the previous month, the latest survey from the Australian Industry Group showed on Tuesday.
The Performance of Services Index, or PSI, dropped slightly to 51.3 in June from 51.1 in the previous month. Any reading above 50 indicates expansion in the sector.
Among the individual components, sales, new orders, employment all expanded, but stocks contracted.
“While the election outcome remains uncertain, it is clear that more widespread growth across the sector is needed to put the rebalancing of the economy on a firmer footing and to consolidate the recent return to expansion of this important sector,” Ai Group Chief Executive, Innes Willox, said.
The material has been provided by InstaForex Company – www.instaforex.com